What is meant by economy?what are its different types?
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An economy is a system whereby goods are produced and exchanged. Without a viable economy, a state will collapse.
There are three main types of economies: free market, command, and mixed. The chart below compares free-market and command economies; mixed economies are a combination of the two.
Based on the extent of ownership of resources, there are three main kinds of economies. These are capitalist economy, socialist economy and mixed economy.
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